Kolkata-based OMPL is paying around ₹800 crore, while the company’s sanctioned liabilities amount to over ₹2,735 crore. The lenders have approved the scheme with 100% voting.
In 2020, the state-owned central
was contacted Kolkata bench of National Company Law Tribunal MSP Metaliks after failing to clear its dues. However, in April last year, the company’s lead lender, on behalf of the consortium, handed over a loan of 250,000 tonnes per annum steel plant at Jharsuguda to CFM Asset Reconstruction.
A bench headed by Rohit Kapoor and Harish Chander Suri said, “As per the CoC (Committee of Creditors), the scheme meets the need for revival of the corporate debtor (MSP Metallics) to be viable and viable.” 32 page order on July 11.
“As far as granting time to comply with the statutory obligations/ seeking approval of Government authorities is concerned, the resolution applicant (OMPL) is directed to do so within one year,” the tribunal said.
It said the successful resolution plan proposes a financial outlay of Rs 800 crore, which is much higher than the company’s average fair market value of Rs 495 crore and liquidation value of Rs 347 crore.